By Grace Quinto (staff@latinospost.com) | First Posted: Sep 01, 2014 10:50 PM EDT

Gilas Pilipinas gave Argentina a huge scare before the South American powerhouse squad escaped with an 85-81 win in day 3 of the 2014 FIBA Basketball World Cup on Monday at the Palacio de Deportes in Seville, Spain.

The Philippines, the 34th-ranked team in the world, caught Argentina by surprise in the opening period as "Gilas Pilipinas" took a 12-2 lead behind the hot shooting of Ranidel De Ocampo and Jayson William.

"They made us look like fools in the first quarter," Argentina coach Julio Lamas said after the match via Spin.ph.

However, the heavily-favored Argentines quickly found their rhythm to trim the lead down to three points, 25-22, after the first quarter, and made a big run in the second quarter to take a 40-36 lead at halftime.

Argentina, the third-best team in the world based on FIBA Rankings, flexed their muscles in the third period and built a commanding 68-53 lead following a three-pointer from star forward Luis Scola, before Andray Blatche made it a 10-point game heading into the final period.

Philippine team captain Jimmy Alapag, who is playing in his final international tournament, waxed hot in the final period, while De Ocampo made big plays as well to put Gilas Pilipinas within two points, 83-81, with 43 seconds left to play in the match.

Philippines had a chance to tie or take the lead with 12 seconds left in the game, but William committed a crucial turnover, then veteran forward Andres Nocioni sealed the win for Argentina with two free throws.

Luis Scola paced Argentina with 19 points to go along with seven rebounds and four assists, while Marcos Mata also had a big night as he finished with 17 points and nine rebounds.

De Ocampo, on the other hand, led the Philippines in scoring with 18 points. Blatche had a double-double performance with 14 points and 15 boards, while Alapag racked up 15 points on 5-for-7 shooting from the three-point region.

With the win, Argentina improved to 2-1 in Group B, while Philippines, who finished second to Iran in the 2013 FIBA Asia Championship, remained at the cellar of the standings with a 0-3 record.

Despite absorbing a painful loss, Alapag said after the match that they have nothing to be ashamed of after pushing the traditional world power to the limit, and the 36-year-old point guard vowed to show the same fighting spirit in their upcoming games against Puerto Rico and Senegal.

"To all of our kababayans [fellow Filipinos] and everyone supporting back home in the Philippines and all over the world, we thank you guys, for all the prayers and the inspiration," Alapag said via Rappler. "We're here. We're gonna keep fighting for you guys and we want to make sure that you're part of the national team."

Watch the highlights of the exciting showdown between Argentina and Philippines below, including highlights dunks from Filipino guard/forward Gabe Norwood.

© 2015 Latinos Post. All rights reserved. Do not reproduce without permission.